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FootballNewsBREAKING: Peter Lim makes improved £360m Liverpool offer, ‘entirely in cash’, including £40m for players

BREAKING: Peter Lim makes improved £360m Liverpool offer, ‘entirely in cash’, including £40m for players

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By Nick Harris

12 October 2010

Peter Lim, would-be buyer of Liverpool (profile here), has just had the statement below released on his behalf. This does not mean Lim can automatically gazump the NESV bid to buy Liverpool. It does give Liverpool options if the court case(s) go against RBS / Liverpool.

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STATEMENT STARTS

Singapore businessman, Peter Lim, today lodged an increased offer for Liverpool Football Club with the Chairman of the Board of Kop Football (Holdings) Ltd, Martin Broughton.

The proposal represents a total investment of £360m. The offer values the Club at £320m. A further £40m will be made available to purchase new players.

Like the previous offer tabled by Mr Lim, the new offer is entirely in cash and will remove the entire acquisition debt of £200m taken on by the existing owners that has cast uncertainty over the Club’s future.

The new offer also includes a cash investment of £120m. Of this:

  • £40m cash is to be allotted specifically to fund player purchases during the upcoming transfer window as the immediate priority is to ensure that the squad is strengthened for the remainder of the season.
  • The balance of £80m will pay off all the Club’s bank debt, the fees and interest accruing on the bank debt, and provide additional working capital for the Club.

Mr Lim is not obtaining any financing for the offer and the funding comes from his own cash resources.

Commenting on his increased offer, Peter Lim said: “I respect and admire Liverpool Football Club, which is steeped in tradition and history. I am committed to rebuild the Club so that it can soon regain its position at the pinnacle of English and European football, where it truly belongs. This is why I have stepped forward with this offer.

“I believe that if its massive debt burden can be removed, the Club  would be able to focus on improving its performance on the pitch. My offer pays off the existing owners’ bank acquisition debt and also frees the Club of its own bank debt. If the Board accepts this offer, the monies are available immediately thereby removing the threat of administration.

“The Club needs to strengthen its existing squad. As part of this offer, I will be injecting £40m in cash into the Club for Roy Hodgson to bring in new players during the upcoming transfer window. Liverpool needs to start winning again!

“My offer provides a firm financial platform from which the club can rebuild. Given the manner in which the sale process has been handled, I feel Martin and the Board owe it to me, to the Club, and to the supporters, to consider my offer”.

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About Peter Lim – – – [NB this is still within the statement]

Mr. Lim, 57, is a Singaporean businessman with extensive interests in a range of industries including agribusiness, fashion, logistics, food and beverage and healthcare.

Mr. Lim is a keen supporter of sports, having recently donated S$10 million to the Singapore Olympics Foundation for sports scholarships that will provide promising young athletes a chance to pursue excellence, especially for students and athletes from poor families.

Son of a fishmonger, Mr. Lim is a self-made man who worked his way through school –  as a cabbie, waiter and cook – and these humble beginnings have motivated him to help others in need. His philanthropic endeavours focus on sports, the elderly and education. He has committed to fund, for several years, scholarships for bright and needy students as well as financial assistance to schools, which help youth-at-risk.

Mr. Lim is a passionate football fan. He is married with two teenage children.

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STATEMENT ENDS

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The statement coincides with RBS’s High Court challenge to Tom Hicks and George Gillett, which is in progress today.

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Other stories mentioning Liverpool in any capacity

Liverpool takeover related stories

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2013-05-28 11:34:43